Ripple (XRP) Faces Setback As SEC Classifies Expert Evidence As Summary; XRP Closes Above $0.51
On Tuesday, Ripple (XRP) maintained a mostly sideways trajectory following a close above $0.51 yesterday amidst its ongoing legal battle with the Securities and Exchange Commission (SEC). The current phase involves crossed motions aimed at determining which materials and testimonies are pertinent to the case.
The SEC filed a response to Ripple’s motion seeking to exclude new expert materials, which aimed to dismiss testimony from SEC accountant Andrea Fox. The regulator had introduced fresh materials in prior submissions, which Ripple categorized as expert testimony.
The dispute between the two parties now revolves around the classification of SEC accountant Andrea Fox’s statements. The court now holds the authority to determine whether Fox’s statements will be deemed as a summary or expert testimony.
At this stage, the lawsuit’s emphasis has transitioned from XRP sales to institutional investors to scrutinizing the content of Andrea Fox’s remarks.
Meanwhile, XRP holders eagerly anticipate the forthcoming update in May, when the court delivers its ruling on the lawsuit.
Ripple (XRP) is set to unlock 1 billion tokens tomorrow, May 1, worth $503.6 million. This release is part of Ripple’s monthly token sell-offs, which could potentially exert downward pressure on the XRP price in the coming weeks.
In the past, Ripple has consistently unlocked 1 billion XRP tokens through escrow arrangements, typically concluded on the first day of each month since 2017. As reported in April’s unlock, the company has utilized escrows labeled as ‘Ripple (22)’ and ‘Ripple (23)’ according to data from XRPScan.
However, April witnessed massive negative volatility attributed to geopolitical tensions and Ripple’s token sell-offs. Nonetheless, the initial sell-off occurred on a day with positive market sentiment.
ABOUT THE AUTHOR
See More
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals
Top Broker